CoinW Research Institute Weekly Report (December 8, 2025 - December 14, 2025)

2025-12-15 15:11:01

Collection

The total market value of global cryptocurrencies is $3.22 trillion, up from $3.15 trillion last week, representing a 2.2% increase in the total market value of cryptocurrencies this week.

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies is $3.22 trillion, up from $3.15 trillion last week, representing a 2.2% increase this week. As of the time of writing, the cumulative net inflow for the U.S. Bitcoin spot ETF is approximately $57.9 billion, with a net inflow of $286 million this week; the cumulative net inflow for the U.S. Ethereum spot ETF is approximately $13.09 billion, with a net inflow of $208 million this week.
The total market capitalization of stablecoins is $310 billion, with USDT having a market cap of $186.2 billion, accounting for 60.06% of the total stablecoin market cap; followed by USDC with a market cap of $78.4 billion, accounting for 25.29%; and DAI with a market cap of $5.36 billion, accounting for 1.73% of the total stablecoin market cap.
According to DeFiLlama, the total TVL of DeFi this week is $121.4 billion, up from $120.8 billion last week, an increase of approximately 0.49%. By public chain classification, the top three public chains by TVL are Ethereum at 68.32%; Solana at 8.36%; and BNB Chain at 6.53%.
This week, the core indicators of public chains showed significant divergence: in terms of daily trading volume, Ethereum and Solana fell by 3.5% and 19.25%, respectively, while Sui grew by 47%, the most notable performance, followed by Ton which rose by 25%; BNB Chain and Aptos saw slight increases of 3.01% and 2.86%, respectively; overall transaction fees weakened, with Ethereum, BNB Chain, and Ton remaining basically flat, while Solana, Sui, and Aptos fell by 42.94%, 17.63%, and 13.38%, respectively. In terms of daily active addresses, only Aptos saw a decline of 22.81%, while all other public chains achieved growth, with Sui having the highest increase of 49.28%, and Ethereum, BNB Chain, and Ton rising by 7.7%, 9.68%, and 12.17%, respectively. TVL performance was weak, with only Ethereum seeing a slight increase of 0.75%, Ton falling by 6.67%, and all other public chains experiencing declines of around 1% to 4%.
New project focus: AllScale is a stablecoin "self-custody" neobank/payment infrastructure platform aimed at helping global creators, small and micro enterprises (SMBs), freelancers, and cross-border teams achieve "fast receipt and payment without a bank account" through stablecoin payments, invoicing, social commerce, and cross-border payroll. Goblin Finance is a DeFi "yield infrastructure" platform built specifically for the Aptos ecosystem, which automatically directs user funds into the best-performing on-chain or cross-chain strategies through automated liquidity management (ALM), cross-market strategies, delta-neutral, and LST-enhanced products, maximizing returns and providing deep liquidity support for Aptos. Magma Finance is a next-generation decentralized exchange (DEX) and liquidity infrastructure platform built on the Sui/Move ecosystem.

Key Points

I. Market Overview

Total cryptocurrency market cap/Bitcoin market cap ratio
Fear index
ETF inflow and outflow data
ETH/BTC and ETH/USD exchange ratios
Decentralized Finance (DeFi)
On-chain data
Stablecoin market cap and issuance situation

II. This Week's Hot Money Trends

Top five VC coins and meme coins by increase this week
New project insights

III. Industry News

Major industry events this week
Major events coming next week
Important financing from last week

IV. Reference Links

I. Market Overview

1. Total Cryptocurrency Market Cap/Bitcoin Market Cap Ratio

The global total cryptocurrency market cap is $3.22 trillion, up from $3.15 trillion last week, representing a 2.2% increase this week.

Data source: cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of December 14, 2025

As of the time of writing, the market cap of Bitcoin is $1.76 trillion, accounting for 54.6% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $310 billion, accounting for 9.63% of the total cryptocurrency market cap.

Data source: https://www.coingecko.com/en/charts

Data as of December 14, 2025

2. Fear Index

The cryptocurrency fear index is at 17, indicating extreme fear.

Data source: https://www.coinglass.com/pro/i/FearGreedIndex

Data as of December 14, 2025

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow for the U.S. Bitcoin spot ETF is approximately $57.9 billion, with a net inflow of $286 million this week; the cumulative net inflow for the U.S. Ethereum spot ETF is approximately $13.09 billion, with a net inflow of $208 million this week.

Data source: https://sosovalue.com/zh/assets/etf

Data as of December 14, 2025

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $3,114.30, all-time high $4,878.26, down approximately 37.12% from the all-time high.

ETHBTC: Currently at 0.034881, all-time high 0.1238.

Data source: https://ratiogang.com/

Data as of December 14, 2025

5. Decentralized Finance (DeFi)

According to DeFi Llama, the total TVL of DeFi this week is $121.4 billion, up from $120.8 billion last week, an increase of approximately 0.49%.

Data source: https://defillama.com

Data as of December 14, 2025

By public chain classification, the top three public chains by TVL are Ethereum at 68.32%; Solana at 8.36%; and BNB Chain at 6.53%.

Data source: CoinW Research Institute, defillama, https://defillama.com

Data as of December 14, 2025

6. On-chain Data

Layer 1 related data

Mainly analyzing daily trading volume, daily active addresses, and transaction fees for the major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS.

Data source: CoinW Research Institute, defillama, https://defillama.com

Data as of December 14, 2025

Daily trading volume and transaction fees: Daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of daily trading volume, Ethereum and Solana fell by 3.5% and 19.25%, respectively; Sui chain saw the largest increase of 47%, followed by Ton which rose by 25%; BNB Chain and Aptos saw slight increases of 3.01% and 2.86%, respectively. In terms of transaction fees, Ethereum, BNB Chain, and Ton remained flat compared to last week; Solana, Sui, and Aptos fell by 42.94%, 17.63%, and 13.38%, respectively.
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. In terms of daily active addresses, only Aptos saw a decline of 22.81%, while all other chains achieved growth. Sui chain had the highest increase of 49.28%; Ethereum, BNB Chain, and Ton rose by 7.7%, 9.68%, and 12.17%, respectively; Solana chain saw a relatively minor increase of 0.52%. In terms of TVL, only Ethereum saw a slight increase of 0.75% this week; all other chains saw slight declines, with Ton (-6.67%), Solana (-1.77%), BNB Chain (-2.19%), Sui (-3.98%), and Aptos (-4.26%).

Layer 2 Related Data

According to L2 Beat data, the total TVL of Ethereum Layer 2 is $37.65 billion, with an overall increase of 1.4% compared to last week ($37.17 billion).

Data source: L2Beat, https://l2beat.com/scaling/tvs

Data as of December 14, 2025

Base and Arbitrum occupy the top positions with market shares of 36.85% and 34.77%, respectively. Base chain saw a decline in market share over the past week, while Arbitrum saw a slight increase.

Data source: footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview

Data as of December 14, 2025

7. Stablecoin Market Cap and Issuance Situation

According to Coinglass data, the total market cap of stablecoins is $310 billion, with USDT having a market cap of $186.2 billion, accounting for 60.06% of the total stablecoin market cap; followed by USDC with a market cap of $78.4 billion, accounting for 25.29%; and DAI with a market cap of $5.36 billion, accounting for 1.73% of the total stablecoin market cap.

Data source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin

Data as of December 14, 2025

According to Whale Alert data, this week USDC Treasury issued a total of 2.667 billion USDC, and Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 3.667 billion, a decrease of 7.28% compared to last week's total issuance of 3.955 billion.

Data source: Whale Alert, https://x.com/whale_alert

Data as of December 14, 2025

II. This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins by Increase This Week

Top five VC coins by increase over the past week

Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of December 14, 2025

Top five meme coins by increase over the past week

Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of December 14, 2025

2. New Project Insights

AllScale is a stablecoin "self-custody" neobank/payment infrastructure platform aimed at helping global creators, small and micro enterprises (SMBs), freelancers, and cross-border teams achieve "fast receipt and payment without a bank account" through stablecoin payments, invoicing, social commerce, and cross-border payroll. On December 8, 2025, AllScale announced the completion of a $5 million seed funding round, led by YZi Labs, with participation from Informed Ventures and Generative Ventures, and support from multiple crypto/venture capital institutions. It is also an ecological partner of BNB Chain.
Goblin Finance is a DeFi "yield infrastructure" platform built specifically for the Aptos ecosystem, which automatically directs user funds into the best-performing on-chain or cross-chain strategies through automated liquidity management (ALM), cross-market strategies, delta-neutral, and LST-enhanced products, maximizing returns and providing deep liquidity support for Aptos. Goblin Finance aims to allow ordinary users to participate in professional-level asset management with a "one-click deposit" method, turning idle assets into efficient "yield machines," while promoting the decentralized liquidity infrastructure development of the Aptos ecosystem.
Magma Finance is a next-generation decentralized exchange (DEX) and liquidity infrastructure platform built on the Sui/Move ecosystem. It combines concentrated liquidity AMM (CLMM) and adaptive liquidity mechanisms (Adaptive Liquidity/ALMM) to allow users to provide efficient liquidity while participating in governance and earning transaction fees and incentives through a lock-up + ve-tokenomics approach.

III. Industry News

1. Major Industry Events This Week

Stable officially launched its mainnet on December 8, 2025, and completed the STABLE token TGE, simultaneously launching an airdrop plan to reward early users, developers, and liquidity contributors. The official claim channel has been opened, and all eligible users can complete their claims by March 2, 2026 (UTC). Stable is a new blockchain that uses USDT as its native gas, aiming to build a financial infrastructure with high stability and high throughput for large-scale applications. Its core concept is to use stablecoins directly as the underlying settlement asset of the chain, allowing transactions, payments, and application interactions to be conducted with "native stablecoins," thereby reducing volatility and enhancing usability.
The public sale of HumidiFi's token WET was initially scheduled to start on December 3, 2025, on the Jupiter DTF platform, but was adjusted due to bot issues and rescheduled for December 8, 2025. It officially triggered the TGE (Token Generation Event) on December 9, 2025, and opened token claims and liquidity pool launch. HumidiFi is a high-performance "Prop AMM + DEX" decentralized trading protocol built on Solana, aimed at solving slippage and fragmentation issues in on-chain trading through professional market making and deep liquidity. Its token WET has a total supply of 1 billion, primarily used for governance, staking incentives, and fee rebates.
Cysic's native token CYS had its TGE on December 9, with a genesis circulation of approximately 160.8 million (total supply 1 billion). The project launched an official airdrop plan for early users, with airdrop registration from December 1, 13:00 UTC to December 7, 13:00 UTC, distributing CYS to community contributors, CUBE node holders, testnet participants, developers, and partners based on qualifications. Cysic is a ComputeFi infrastructure project focused on decentralized computing power and ZK computing, with an overall token mechanism designed to incentivize computing power contributors, support ZK/AI workloads, and promote network governance and ecological development.
RaveDAO's native token RAVE (total supply 1 billion) had its TGE on December 12 and began partial unlocking for circulation. The project reserved 3% of tokens as airdrop rewards for early contributors and event participants, requiring users to submit their Base addresses on the PLVR platform to claim. The airdrop will be processed in three batches: December 10-11, December 11-18, and December 18-January 11, 2026, with corresponding distributions by the latest dates of December 12, December 19, and January 12, 2026. After the airdrop distribution, the corresponding number will be deducted from user points, and subsequent incentive plans such as Genesis Rewards will be launched. RaveDAO is a decentralized community combining music, culture, and Web3.

2. Major Events Coming Next Week

Rainbow Wallet will conduct a public sale of RNBW tokens through CoinList from December 11 to December 18, 2025 (price $0.10, accounting for 3% of total supply). Public sale tokens will be unlocked all at once during the TGE (time to be determined), while team and investor tokens will vest linearly over 2-4 years. The project also plans to airdrop old Rainbow Points loyalty points in exchange for RNBW in Q4 2025, completing the conversion from points to token rewards. RNBW is the native token of Rainbow Wallet, used to incentivize users and strengthen its multi-chain non-custodial wallet ecosystem.
GrantiX token GRANT will conduct an IDO from December 15-17, 2025, at a price of $0.088, with the specific TGE time to be announced later. The project has reserved approximately 3% of the token supply for community/airdrop rewards. GrantiX is a SocialFi platform focused on social impact investment, utilizing blockchain and AI to build a transparent and traceable funding system for public welfare and sustainable development.
Helios Blockchain announced it will launch an IDO on Spores Network, scheduled for December 16-18, 2025, with a public sale price of $0.02 USD/HLS and a total sale volume of 25 million HLS, accounting for approximately 0.5% of total supply. The TGE time will be announced later. Helios Blockchain (code-named HLS) is an EVM-compatible Layer-1 blockchain focused on multi-chain assets and on-chain ETFs, adopting a unique I-PoSR consensus mechanism and achieving cross-chain asset combinations and automated asset management through the "Hyperion + Chronos" module.
Aztec completed its public fundraising for the AZTEC token, raising 19,476 ETH and attracting 16,741 users to participate, with half of the funds coming from the community. Users holding over 200,000 tokens have begun receiving block rewards. The TGE will be triggered by on-chain governance voting, with the official announcement stating it could occur as early as February 11, 2026, at which point 100% of the tokens obtained from the public offering will be unlocked and freely transferable. The project did not adopt traditional airdrops but completed token distribution through public offerings and block rewards.

3. Important Financing from Last Week

Surf announced the completion of $15 million in financing, led by Pantera Capital, with participation from Coinbase Ventures and Digital Currency Group (DCG). Surf (access domain ask.surf/asksurf.ai) is an AI-driven "research + action" platform designed for the cryptocurrency field, providing analysis of crypto assets, market insights, and investment decision support by integrating on-chain data, market sentiment, and social trends. (December 10, 2025)
Real Finance completed a $29 million private placement financing round, led by Nimbus Capital (approximately $25 million), with participation from Magnus Capital and Frekaz Group. The financing will be used to expand its compliance, custody, settlement, and operational infrastructure, promoting the development of its full-stack RWA platform. Real Finance is a Layer-1 blockchain/financial infrastructure project focused on "tokenization of real-world assets (RWA) + compliant on-chain infrastructure," dedicated to helping institutions convert traditional assets (such as bonds, credit, funds, alternative assets, etc.) into on-chain tokens, and providing institutional-level services such as compliance, custody, risk assessment, and insurance. (December 10, 2025)
Cascade announced it has secured $15 million in seed funding, led by Polychain Capital and Variant, with participation from Coinbase Ventures and Archetype Ventures. Cascade is a "neo-brokerage/perpetual-markets" platform aiming to create a 24/7 unified margin account trading system that allows users to trade crypto assets, securities, and even private company pre-IPO equity through the same account. (December 9, 2025)
TenX Protocols is a blockchain infrastructure company providing validator and node infrastructure support for high-performance public chains (such as Solana, Sui, Sei, etc.), building yield-generating asset portfolios through purchasing and participating in staking of these networks. In 2025, TenX completed over C$33 million in financing, including C$29.9 million in subscription receipt financing and approximately C$3.5 million in seed funding at the beginning of the year, and officially listed on the TSX Venture Exchange on December 10, 2025 (code TNX). The funds will be used to expand its node and infrastructure deployment, asset acquisition, and operational capabilities on high-throughput blockchains, further providing underlying support for these networks. (December 10, 2025)